secured<\/a> at the last moment after Chairman Tim Scott used a procedural maneuver to admit further amendments, bringing two Democrats across the aisle alongside all 13 Republicans.<\/p>\nAll 13 Republicans voted yes. Democratic Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland joined them, though both qualified their support. \u201cMy vote today is a vote to keep working in good faith,\u201d Alsobrooks said. \u201cWe still have so much work to do.\u201d Gallego warned he was \u201cnot afraid to vote no\u201d on the Senate floor if an ethics deal is not reached.<\/p>\n
Analysts warn the real fight starts now<\/h2>\n
GSR Chief Legal and Strategy Officer Joshua Riezman said before the vote that the odds of the CLARITY Act reaching the president\u2019s desk this session were below 50%. TD Cowen was sharper in its assessment. <\/p>\n
<\/p>\n
\u201cWe are not more optimistic because we continue to believe Democrats will demand a vote on an amendment that would apply conflict of interest standards to President Trump,\u201d the firm said. \u201cWe believe Republicans do not want to take that vote as they do not want to be portrayed in upcoming elections as endorsing the involvement of the Trump family in crypto endeavors.\u201d<\/p>\n
The ethics provision is the central obstacle. The CLARITY Act\u2019s current text contains no conflict of interest language restricting government officials from profiting from crypto, as that falls outside the Senate Banking Committee\u2019s jurisdiction. Senator Kirsten Gillibrand has said the bill will not pass the full Senate without it. The White House has rejected any language that singles out a specific officeholder.<\/p>\n
The full Senate requires 60 votes to overcome a filibuster, meaning Republicans need at least seven Democrats. The Senate Banking Committee revised its 309-page draft text on May 12, resolving the stablecoin yield dispute by banning passive interest while permitting activity-based rewards. That cleared one major obstacle but left the ethics fight and law enforcement provisions unresolved.<\/p>\n
Senator Cynthia Lummis has warned that missing the window before the August recess could push comprehensive crypto legislation off the calendar until 2030. The bill must also be reconciled with the House version before going to Trump, adding further steps to an already tight timeline. As crypto.news tracked, the CLARITY Act has been stalled multiple times since January over the same fault lines now heading to the Senate floor.<\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The CLARITY Act cleared the Senate Banking Committee 15 to 9 on May 14, but analysts say significant obstacles remain before it can become law. Summary The CLARITY Act cleared…<\/p>\n","protected":false},"author":1,"featured_media":27324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-28812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=28812"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28812\/revisions"}],"predecessor-version":[{"id":28813,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/28812\/revisions\/28813"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/27324"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=28812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=28812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=28812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}